The deal will focus on human health and veterinary diagnostic applications of nanomix technology and products.
-- Focus on Human Health and Veterinary Diagnostic Applications of Nanomix Technology and Products -- |
| [09-November-2017] |
| EMERYVILLE, Calif., Nov. 9, 2017 /PRNewswire/ -- Nanomix, a developer of next-generation, mobile, point-of-care diagnostics, today announced the completion of a comprehensive equity investment and business collaboration with the World Technology East 2, RedPharm Biotechnology Ltd., and the associated entities in Hong Kong, China and the European Community. The relationship focuses on the use and deployment of Nanomix products and technology throughout Asia for human applications and worldwide veterinary applications in farm animal, companion animal, and wildlife management and control. The agreements include an approximately $9M in private equity financing that includes both new and existing Nanomix investors, $6M in milestone-based license fees related to the collaborations, and significant future royalties on sales of human and veterinary diagnostic products. “As part of our integrated healthcare business strategy, we are investing in these advanced healthcare products and technologies to help meet the demand for high quality, precise, immediate and available healthcare diagnosis at an affordable cost for all people in the China and Asia sphere,” said Conroy Cheng, Director of World Technology East and RedPharm Biotechnology Ltd. “The Nanomix technology and allied products will deliver critical advanced diagnostic tools and information for multiple markets.” “This significant partnership and financing enables Nanomix to accelerate its business strategy and expand the company’s horizons through our new relationship with Conroy and his team. Their vision and reach in China and throughout Asia will be key to establishing Nanomix as a worldwide leader in point-of-care diagnostics,” said Garrett Gruener, Executive Chairman of Nanomix. “Nanomix mobile diagnostic technology and products meet the demanding needs of critical care diagnostics in hospital and non-hospital situations. Prompt and accurate diagnostic information when time matters, will significantly improve clinical decision making and improve patient outcomes,” said David Ludvigson, President and Chief Executive Officer of Nanomix. “Our initial diagnostic work in sepsis will be complemented by future developments in cardiac care, brain injury and other time-critical medical conditions.” About RedPharm Biotechnology Ltd. and US affiliated Medical Technology Associates II Alliance: RedPharm for the Asia market has an interdisciplinary R&D team and continues to integrate resources and build partnerships with well-known institutions both in and out of China, thus adding to the company’s R&D ability and accelerating the progress of technology transformation. Its US affiliate, Medical Technology Associates II is both co-developer and US-based regulatory arm for all collaborative technology and products. The company has access to China’s world class technology research centers and is constructing a manufacturing facility in compliance with US Food and Drug Administration and European standards located in the ‘Sino-German United Group’ (Qingdao) advanced technology center. http://www.redpharm.com About Nanomix Contact: David Ludvigson For Media: Joan Kureczka
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